Popular meme coin price predictions: DOGE, SHIB, PEPE open interest reaches new highs, signaling a new round of altcoin season.

Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE rose today (18th), continuing the upward trend that started this week. Meanwhile, the overall Crypto Assets market is recovering, with Bitcoin (BTC) prices remaining above $120,000. As market sentiment improves and the market capitalization of alts rises, the total market capitalization of meme coins has reached $85 billion, signaling that the next altcoin bull season is approaching.

DOGE, SHIB, and PEPE occupy the top three positions in the meme coin sector, with market capitalizations of $35.44 billion, $8.98 billion, and $5.85 billion respectively. According to the capital rotation cycle from Bitcoin to altcoins in 2021 (i.e., altcoin season), the performance of the top three meme coins may outperform the overall market.

DOGE buying pressure increases, expected to rise further

As of Friday's report, DOGE has risen over 12%, continuing its upward momentum for the fourth consecutive day. The reversal of Dogecoin has accounted for 44% of the increase since July, breaking through the 200-day exponential moving average (EMA) of $0.203.

The target for DOGE bulls is the level of $0.2597, the high on May 11. A successful close above this level could extend the upward trend to the high of $0.2867 on February 14.

The Moving Average Convergence Divergence (MACD) indicator shows that the green histogram has broken above the zero line, indicating an increase in momentum. The MACD and its signal line are exhibiting a positive trend, suggesting that a bullish trend is forming.

The Relative Strength Index (RSI) is at 79, indicating that the market is in an overbought state as buying pressure intensifies. If the RSI continues to remain in the overbought zone, DOGE may continue its upward trend.

The revival of DOGE has sparked optimism in the derivatives market. Coinglass data shows that DOGE's open interest (OI) surged 27% in the past 24 hours, reaching $3.92 billion, marking the highest level since February 2. The spike in open interest indicates an increased interest from traders in DOGE, leading to a rise in capital inflows.

In the past 24 hours, trading volume surged over 39%, reaching $12.97 billion. Additionally, in the past 24 hours, short positions decreased significantly by $31.49 million, while long positions decreased by $6.04 million, reflecting a bullish market.

However, if DOGE fails to maintain its momentum, it may retest the closing price level of $0.2145 from May 17.

(Source: Trading View)

SHIB is showing strong momentum and is expected to achieve double-digit growth

As the meme coin market gradually heats up, SHIB has risen 8% so far on Friday. SHIB's intraday gain has surpassed the 200-day moving average, reporting at $0.00001452, with a weekly increase approaching 18%.

With the appearance of the fourth consecutive bullish candle, SHIB is approaching the resistance level of 0.00001565 USD, which was last tested on May 23. A daily closing price above this level could extend the bullish momentum to 0.00001734 USD, which was last tested on May 12.

The technical indicators show a bullish trend, with the MACD and its signal line entering the positive territory, marked by green bars rising from the zero line. Additionally, the RSI on the daily chart is at 78, indicating strong buying pressure.

Coinglass data shows that SHIB open interest (OI) has soared nearly 20% in the past 24 hours, reaching a six-month high of $295.47 million. The OI weighted funding rate rose from 0.0110% on Thursday to 0.0155%, further confirming the increase in buying volume.

On the other hand, a reversal of Shiba Inu may lead to a retest of the 200-day EMA at $0.00001452.

(Source: Trading View)

PEPE holdings reach an all-time high, gaining bullish momentum

As of the time of publication on Friday, PEPE has risen over 5%, recovering the 1.26% decline from Thursday and continuing the current upward trend. The trading price of this meme coin has reached a monthly high, soaring 45% since July.

PEPE broke above the level of $0.00001362, the high point on June 10, continuing the bullish momentum from the triangle breakout on the daily chart. If it decisively closes above this level, unlike the bullish failure on Wednesday, it could extend the upward trend to the high of $0.00001632 on May 23.

On Wednesday, the 50-day and 200-day Exponential Moving Averages (EMA) formed a golden cross, while the 100-day EMA is close to surpassing the 200-day EMA. Cautious investors can view these crosses as buy signals, indicating that the short-term and mid-term recovery is outpacing the long-term slowdown.

The MACD and its signal line are showing an upward trend above the zero line, with an RSI of 72, similar to the bullish signals emitted by DOGE and SHIB.

CoinGlass data shows that PEPE OI surged 6.31% in the past 24 hours, reaching a historical high of 787.51 million USD.

On the contrary, if PEPE falls below the level of 0.00001362 USD, it may extend the decline to the level of 0.00001196 USD, with the last test being on Tuesday.

(Source: Trading View)